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The Federal Government has released N12.5B to be disbursed to beneficiaries of the Nigeria Youth Investment Fund (NYIF), 41,000 Beneficiaires to get 300,000 each in the first tranche of disbursement
The Federal Government further explained why it is giving a limiting sum of 300,000 naira to 41,000 beneficiaires.
In a drive to expand the Nigeria Youth Investment Fund (NYIF), thousands of youths will be covered in the programme, and 300,000 naira will be given
N75B was earmarked for the Nigeria Youth Investment Fund (NYIF), but only N12.5B will be disbursed for now
How to access loan
Must be a citizen of Nigeria Present recognized means of identification and guarantors. Potential beneficiaries are expected to have a fundable business idea. Registered business
How to Qualify
It is meant to cater to the investment needs of those 18-35. An individual and group can apply for the loan. Who funds it:
Ministry of Finance, Budget, and National Planning (MFBNP) Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF). Loan range
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, range approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totaling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.
It would be disbursed through various channels like
Micro Credit Organizations across the country under the Central Bank of Nigeria supported: Bank of Industry Fintech Organizations and Venture Capital Organizations registered with the CBN. Why it is different
NYIF provides a single-window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support.
Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.
The Federal Government Microfinance Bank (Nirsal) has launched a new website portal where registration on Agri-Business Small and Medium Enterprise Investment (AGSMEIS) can be processed.
The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
Grow your business with NMFB your true MSNE partner.
HOW IT WORKS
Get access to affordable loans to start and grow you business in 6 steps:
Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
Apply For Loan:
Create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Get Business Support Service:
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
Sell products and services to pay back loan and make profit.
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
This loan scheme does not require a collateral with interest rate at five percent (5%) per annum.
How To Apply:
Interested applicant should click the link https://agsmeisapp.nmfb.com.ng to Apply.
NYIF Training: If You Are Unable To Participate In The Training, Do This: New update on the Nigeria Youth Investment Fund programme shows that, the online training is no more on YouTube Channel link named “MindThe_GapNg”
Applicants are now to join the ZOOM via a link that will be sent through a registered email address
Invited applicants are to immediately join the 5 days training set out for them by joining the zoom link
“Applicants are been selected to be part of the FMYSD Digital First Economic Recovery Program to Grow their Business starting via invited text message from FMYSD.
Invited applicants will undergo 5-day training and training is conducted every week for a new set of applicants.
If you applied for the NYIF and have been invited for training, but could not participate in the training due to some technical issues should follow these steps below
Registered Mobile Number
The nature of your challenge to the NYIF email sent to you
The Nigeria Youth Investment Fund through the Federal Ministry of Youth and Sports Development’s Economic Recovery Initiative in partnership with Google will be conducting another set of training for applicants who missed the first training
The training session has been arranged to suit all applicants who missed the first training due to reasons too numerous to mention
Kindly click and join the classes each day from Monday – Thursday. And in case you miss any class on each of the days, each class will be repeated on Friday, so you can complete the course.
Day/Class 1 https://bit.ly/FMYSD29 10AM
Day/Class 2 https://bit.ly/FMYSD30 10AM
Day/Class 3 https://bit.ly/FMYSD31 10AM
Day/Class 4 https://bit.ly/FMYSD32 10AM
Make Up Classes for NYIF Training 2021:
Day 5/Class 1 https://bit.ly/FMYSD33 10 AM
Day 5/Class 2 https://bit.ly/FMYSD34 12 PM
Day 5/Class 3 https://bit.ly/FMYSD35 02 PM
Day 5/Class 4 https://bit.ly/FMYSD36 04 PM
Thing to Note
Attendance Form Must be filled
E-certificate will be issued upon completion of Training
Applicants must stay on Training, which includes at least 50 minutes daily to reach the most basic level of appraising and 250 per week to reach the higher level you will likely need if you want to start your own business
In today’s latest Covid-19 loan update – We will be discussing how to claim your abandoned Covid-19 Loan.
Many of you Applied for the Central Bank of Nigeria (CBN) N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic and have lost their loans because they got the text below and thought it was a fake, and ignored it. It is not fake. It is real.
You may want to also check Why Some Covid-19 TCF Applicants Have Not Received Their Loan
If you applied for a Covid 19 palliative Loan, and you get this text above, simply go to the Targeted Credit Facility (TCF) COVID19 Beneficiary Information Management System(BIMS) website and type in your BVN.
When you get inside if it tells you to put your account details, do that and then wait for the alert. But most times it will simply inform you that you have been approved, to simply print out the offer. Other times it will ask you if you accept or reject the loan, please, click accept. If you click reject by error, it becomes an issue.
Claim your Covid-19 loan here https://covid19.nmfb.com.ng
This may also interest you NMFB Gives Update On How To Avoid Loan Scammed
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